A minute ago I posted a blog about this massive house in Conn. Meanwhile, other highend home owners show signs of struggle with the same issues middle-income America is facing. Defaults on the McMansion have increased considerably. In Las Vegas, we have seen a split in the market as far as what homes are moving. Anything less than $250,000 (assuming it is priced competitively) is moving within a short period of time, days in some cases. Also, homes above $1.5 million are still selling at a decent rate. Homes between that range have seen a considerable increase in the average days on market. It seems however, according to an MSNBC report that many who bought large homes overextended and are losing ground to their mortgage.
Topic Category: General Real Estate News